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City · 13,738 residents · Cattaraugus County, New York

Olean , New York

In Olean, a typical home is worth $86,100 and typical rent is $794 a month. Compared with all of Cattaraugus County, the typical home value is 24% lower, typical household income is 14% lower, and the share of households that own their home is 20 points lower.

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  • Typical home value

    $86,100

    24% below the county

    80% below New York

    • Olean
    • Cattaraugus
    • New York

  • Typical rent

    $794a month

    3% above the county

    51% below New York

    • Olean
    • Cattaraugus
    • New York

  • Typical household income

    $51,261a year

    14% below the county

    40% below New York

    • Olean
    • Cattaraugus
    • New York

  • Households that own their home

    55%

    20 points below the county

    1 points above New York

    • Olean
    • Cattaraugus
    • New York

Source: U.S. Census Bureau, Average 2020–2024

Olean is in Cattaraugus County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Cattaraugus County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Olean apart

What this place has that others do not, from public data, most unusual first.

  1. Olean has the 4th lowest typical home value of the 348 cities in New York with more than 5,000 people ($86,100).

  2. Olean has the 9th lowest typical rent of the 333 cities in New York with more than 5,000 people ($794).

  3. 55% of households in Olean own their home, against 75% in Cattaraugus County.

  4. Olean has the 26th lowest typical household income of the 350 cities in New York with more than 5,000 people ($51,261).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Olean

What homes there are in Olean, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house is still the most common home in Olean, but it weighs less than in Cattaraugus County: 59% against 70%.

Year built

In Olean, at least half of the homes were built before 1940, and 79% date from before 1960.

There are fewer big homes in Olean than in Cattaraugus County: 57% have 3 bedrooms or more, against 64%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

HUD's 2-bedroom fair market rent (FMR) for Cattaraugus County is $1,014; about 70% of rents in Olean are below it.

With a mortgage

$1,160 a month

Cattaraugus County: $1,263 a month

Without a mortgage

$535 a month

Cattaraugus County: $544 a month

Owners with a mortgage

42%

Cattaraugus County: 43%

Owning costs less in Olean: with a mortgage, the typical cost is $1,160 a month; in Cattaraugus County, $1,263. Without one, $535.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Olean did not change clearly: the difference is within the Census margin of error.

Since 2015–2019, the typical rent in Olean rose 23%, more than in Cattaraugus County (18%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureOleanCattaraugus CountyNew YorkUnited States
Rental vacancy 11.8%8.3%3.8%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate1.1%0.9%
More than one person per room Unreliable estimate1.8%5.3%3.4%
People per household 2.112.292.492.53
Drive alone 73%76%49%69%
Carpool 11%9%6%9%
Public transit Unreliable estimateUnreliable estimate22%3%
Walk or bike 6%5%6%3%
Work from home 8%8%15%15%
Other means Unreliable estimate2%2%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

There is more rental housing open in Olean: 11.8% is empty and offered for rent, against 8.3% in Cattaraugus County.

On average, a household in Olean has 2.11 people, fewer than in Cattaraugus County (2.29).

To get to work, 73% of workers in Olean drive alone; in Cattaraugus County, 76%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Olean?

A typical home is within reach of the typical income

We start with a typical home in Olean, worth $86,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 21% of the typical household income in Olean, which is $51,261 a year.

The calculator's FHA and conventional loan limits are those of all of Cattaraugus County.

Your numbers

Local data
$

Starts at the typical home value in Olean. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $3,014 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$908

at 7.18% · 30 years

Loan amount
$84,540
Total interest
$121,633
Paid off in
November 2056

Includes $1,454 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,196 a month

    Your payment · 21%

  • Tight

    $1,196 to $1,538 a month

  • Hard

    more than $1,538 a month

Compared with the typical household income in Olean ($51,261 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$908
Principal & interest$573
Property tax$261
Home insurance$36
FHA mortgage insurance (MIP)$38

You need at least $3,014 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Olean and Cattaraugus County

Olean is in Cattaraugus County, New York. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Olean's own numbers

Typical home value
$86,100
Typical monthly rent
$794
Typical yearly household income
$51,261
Households that own their home
55%
Effective property tax rate
3.64%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Cattaraugus County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,014
Price change over 5 years (FHFA)
+69%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Cattaraugus County.

Everything about Cattaraugus County

Buying

Buying a home in Olean

A typical home in Olean is worth $86,100: 24% below the county and 80% below New York. With the typical household income in Olean ($51,261 a year), a typical home costs 1.7 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Olean 1.7 years
  • Cattaraugus 1.9 years
  • New York 4.9 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Cattaraugus County

According to FHFA’s house price index, home prices in Cattaraugus County rose 95% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Cattaraugus County.

Period County New York U.S.
Last year (2025) +8.4% +6.0% +2.9%
5 years (2020–2025) +69% +52% +47%
10 years (2015–2025) +95% +86% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Olean next to Cattaraugus County, New York and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Olean $86,100
  • Cattaraugus $113,100
  • New York $423,800
  • United States $332,700
Typical monthly rent
  • Olean $794
  • Cattaraugus $770
  • New York $1,621
  • United States $1,413
Typical yearly household income
  • Olean $51,261
  • Cattaraugus $59,540
  • New York $85,974
  • United States $80,734
See the full table
Olean next to Cattaraugus County and New York
Measure Olean Cattaraugus County New York U.S.
Typical home value $86,100 $113,100 $423,800 $332,700
Typical monthly rent $794 $770 $1,621 $1,413
Typical yearly household income $51,261 $59,540 $85,974 $80,734
Households that own their home 55% 75% 54% 65%
Typical yearly property tax $3,130 $2,991 $6,582 $3,119
Effective property tax rate 3.64% 2.64% 1.55% 0.94%
Renters with high rent for their income 52% 46% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Cattaraugus County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Olean

For a typical $86,100 home in Olean, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Olean's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $908a month

    Least cash to close
    Down payment
    $3,014
    Cash to close
    $5,597
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $38

  • Conventional, 5% down $892a month

    Down payment
    $4,305
    Cash to close
    $6,888
    Rate
    7.18%
    Mortgage insurance
    PMI · $41

  • Conventional, 20% down, no PMI $764a month

    Down payment
    $17,220
    Cash to close
    $19,803
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $843a month

    Down payment
    $12,915
    Cash to close
    $15,498
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Olean and for Cattaraugus County.

Property tax

Effective rate in Olean

3.64%of the home’s value each year

$3,130 a year for the typical owner in Olean.

  • Olean 3.64%
  • Cattaraugus 2.64%
  • New York 1.55%

What New York publishes Basic STAR school tax relief (New York State Department of Taxation and Finance)

Exemptions and deadlines in New York

Flood risk in Cattaraugus County

FEMA does not publish these numbers by city: they are for all of Cattaraugus County.

FEMA’s maps count no homes in the high-risk zone in Cattaraugus County. That does not mean it cannot flood: check your address.

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Olean

Typical rent in Olean is $794 a month: 3% above the county. In Olean, 52% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Cattaraugus County, by unit size. To pay the 2-bedroom one ($1,014 a month) without spending more than 30% of your income, you would need to earn $19.50 an hour working full time.

HUD fair market rent for all of Cattaraugus County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $742 $14.27 $29,680
1 bedroom $794 $15.27 $31,760
2 bedrooms $1,014 $19.50 $40,560
3 bedrooms $1,274 $24.50 $50,960
4 bedrooms $1,438 $27.65 $57,520

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Olean

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Olean is in ZIP code 14760.

For 2 bedrooms it is $1,040: $26 more than the fair market rent for Cattaraugus County ($1,014).

  • 14760 $1,040$1,310

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Olean when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Olean

HUD lists 9 buildings with rents for lower incomes in Olean. These are the largest.

  • West and Alder Courts 305 N 15th St, Olean 14760 108 low-income homes · Run by Olean Housing Authority · Average payment: $596 a month · Average wait: 4 months · Homes at several sites (716) 372-8262
  • Aspen Tower 350 Front St, Olean 14760 99 low-income homes · For older adults (716) 372-3002
  • Spring & Seneca CT. 401 Alder St, Olean 14760 81 low-income homes · Run by Olean Housing Authority · Average payment: $402 a month · Average wait: 5 months · Homes at several sites (716) 372-8262
  • Olean House 132 N Union St, Olean 14760 62 low-income homes · Run by Olean Housing Authority · Average payment: $379 a month · Average wait: 3 months (716) 372-8262
  • South Court 554 Martha Ave, Olean 14760 55 low-income homes · Run by Olean Housing Authority · Average payment: $557 a month · Average wait: 22 months (716) 372-8262

See all 22 buildings in Cattaraugus County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Olean

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Cattaraugus County. The nearest ones are below; many serve by phone or online.

Two women and a girl laugh together at the bus stop.

HUD counseling is free or low-cost

Assistance programs in Olean

No down payment, repair or rent-help program on our list is for Olean or Cattaraugus County. The ones below are statewide in New York: they work in Olean the same as in the rest of the state.

Which programs do I qualify for? All programs in New York

Housing counselors near Olean

The HUD-approved agencies closest to the center of Olean, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Allegany County Community Opportunities and Rural Development (ACCORD) Corp.

    84 Schuyler St, Belmont · 23 miles away

    • Mortgage delinquency and default
    • Fair housing pre-purchase workshops
    • and 7 more
    (585) 268-7605

  • Chautauqua Opportunities, Incorporated

    402 Chandler Street, Jamestown · 41 miles away

    • Mortgage delinquency and default
    • Home improvement and repairs
    • and 3 more
    (716) 661-9430

  • Chautauqua Opportunities, Incorporated

    17 W Courtney St, Dunkirk · 53 miles away · Spanish

    • Mortgage delinquency and default
    • Home improvement and repairs
    • and 3 more
    (716) 661-9430

All counseling agencies in New York

Help in Spanish near Olean

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Olean

HUD’s record names them for Olean or Cattaraugus County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

One other authority has an office in Cattaraugus County: see the list Source: HUD

Cities

Other cities in Cattaraugus County

These cities are also in Cattaraugus County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Cattaraugus County Housing in New York

Nearby cities

The cities closest to Olean, with the typical home value.

Neighboring counties

If Cattaraugus County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Olean.

All guides
A mother holds hands with her two daughters on the beach at sunset.

Questions

Housing questions about Olean

Short answers with the numbers for Olean and all of Cattaraugus County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Olean?

The typical home value in Olean is $86,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Cattaraugus County it is $113,100.

How much does it cost to rent in Olean?

Typical rent in Olean is $794 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Cattaraugus County is $1,014.

What is the FHA loan limit in Olean?

Olean uses the FHA limit for all of Cattaraugus County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Olean?

The typical homeowner in Olean pays $3,130 a year, according to the U.S. Census Bureau. That is 3.64% of the home’s value; in Cattaraugus County, the rate is 2.64%.

Where can I find free help to buy or rent in Olean?

We found no HUD-approved counseling agencies with an office in Cattaraugus County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).